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2026-05-31
Today: National housing inventory turned negative year-over-year for the first time since mid-2025, new home sales dropped 6.2% in April, and mortgage rates settled at 6.56% after Iran conflict eased.
National housing inventory went negative year-over-year last week after months of slowing growth. Inventory stood at 795,921 units nationally, down from 803,479 the same week last year. The shift comes as mortgage rates spent most of 2026 below 6.64%, the lowest rate environment since 2022, which kept demand elevated. Rates ended the week at 6.56% after the 10-year yield dropped from a yearly high of 4.68% to 4.44% as the Iran conflict appears to be resolving. For Richland County agents, this means the brief window of inventory relief is closing. If you have buyers waiting for more options, they need to move now before selection tightens further.
New listings nationally hit 71,249 last week, barely above last year's 70,414 despite Memorial Day suppression. Normal new listings from 2013-2019 ranged from 80,000 to 100,000 per week during peak season, so current volumes remain below healthy levels. Price cuts held at 36.88% of listings, slightly lower than last year's 38%, indicating sellers are not yet desperate despite higher rates. The data suggests a market in stasis, neither heating up nor cooling down materially. Columbia agents should set realistic expectations with sellers: this is not a panic market, but it is also not a seller's paradise. Properties need to be priced right from day one.
US new home sales dropped 6.2% in April as elevated mortgage rates continue to pressure housing demand. Reports indicate new home sales hit the lowest level in years. For Columbia's new construction market, particularly developments around Lake Murray, Blythewood, and the Fort Jackson corridor, this signals a tougher environment for builders. Expect builders to offer more incentives (rate buydowns, closing cost credits) to move inventory. If you have investor clients eyeing new builds, now is the time to negotiate hard.
Housing starts data shows continued desire to build in certain markets, though specifics were not provided. Monitor Richland County and Lexington County building permit activity to identify where developers are betting on growth. Permit data often leads market shifts by 6-12 months.
This brief is generated from publicly available real estate news sources and is provided for informational purposes only. Always verify data independently and consult appropriate professionals for specific advice.